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Obama's Pick for Consumer Agency Has Record of Fighting Banks

July 18 (Bloomberg) -- Al Hunt, executive editor at Bloomberg News, talks about the Dodd-Frank Act that overhauled U.S. financial regulation and President Barack Obama's nomination of former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau. Hunt speaks on Bloomberg Television's "InBusiness With Margaret Brennan." (Source: Bloomberg)

July 18 (Bloomberg) -- David Hirschmann, president of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness, talks about President Barack Obama's decision to nominate former Ohio Attorney General Richard Cordray to lead the Consumer Financial Protection Bureau and the chamber's concerns about the scope of the agency's power. Hirschmann speaks on Bloomberg Television's "InBusiness With Margaret Brennan." (Source: Bloomberg)

Mark Seifert recalls being impressed when Richard Cordray, then the Ohio state treasurer, walked into the offices of his Cleveland activist group one day in August 2007.

Seifert’s organization -- Empowering and Strengthening Ohio’s People, or ESOP -- was known for its confrontational tactics, such as the time it gathered at the home of a regional vice president of lender Countrywide Financial Corp. and covered his lawn and flower beds with small plastic “loan” sharks to draw attention to mortgage abuses.

“We are not necessarily safe for the powers-that-be to hang around with,” Seifert, ESOP’s executive director, said in an interview yesterday. “We do direct action. We throw plastic sharks at bankers.”

Far from being aghast, Cordray approved of the tactics and said the small, Cleveland-focused group should expand, Seifert recalled. Before long, it was advising homeowners on how to avoid foreclosure in 10 Ohio offices.

A year later, Cordray became Ohio’s attorney general in a special election and expanded his horizons as well. Using the powers of his new office, he took the biggest banks, including Bank of America Corp. (BAC) , JPMorgan Chase & Co. (JPM) , Citigroup Inc. (C) and Ally Financial Inc., to court over mortgage servicing practices and losses to state pension funds.

Now, Cordray, 52, may take on banks on a larger stage. President Barack Obama has chosen Cordray as his nominee to run the Consumer Financial Protection Bureau, which was created by the 2010 Dodd-Frank regulatory overhaul.

Cordray already knows the agency well. After he lost his bid for another term as Ohio attorney general in November, he got a call from Elizabeth Warren , the Obama administration adviser, asking him to head up the bureau’s enforcement work.

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